I have given quite a few seminars over the past five years on estate planning and have answered many, many questions. I have also helped many clients and provided all the information I can so those clients can make a knowledgeable decision regarding their estate plan. So, I want to spend the next few posts going over questions I run into with estate planning to help spread more knowledge to the people of Altus and the surrounding areas of southwest Oklahoma (and the world).

Common Question: My parents set up joint ownership on all of their real estate and accounts. When my dad died, it went to my mom. As my mom became older and did not need the property any longer, she gifted most of it to us kids (or added us as joint owners) so that when she passed, we had everything. What is wrong with me doing that?

The skinny: Where to start? It is no longer the 1950s, or 1990s, for that matter. The rates of civil suits, bankruptcy and divorce we are dealing with now would make even the most suit-minded attorney of the last half century say “Wow!”. You have heard the statistics: 52% of new marriages end in divorce, there are about 15 Million civil cases and 1.5 million bankruptcies filed each year in America, “I don’t like my son-in-law”, etc.
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While it is true that joint tenancy (ownership) will pass the whole amount of the property to the surviving co-owner, is it always a good idea? When you add that person as co-owner, they immediately have a vested interest in that land (account). If they run into any of the problems listed above, your property will now become subject to their civil suit, bankruptcy, and possibly their divorce. Why chance the loss of what you have worked for (or the legacy inherited from your parents) when other estate plans can accomplish a transfer that can be protected against these contingencies?

If you would like to discuss your estate, tax, and business planning, please call 580-318-8829 to set up an appointment. As always, mention you saw it on the website and receive a complimentary one-hour initial review.